Homework Answers
Answer: d. $141.00
Explanations:
Employers and employees split the tax. For both of them, the current Social Security and Medicare tax rates are 6.0% and 1.5%, respectively. So each party pays 7.50% of their income, for a total FICA contribution of 15.0%.
Thus,
FICA tax = $940 x 15%
FICA tax = $141.00
Add Answer to:
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An employee earned $42,600 working for an employer in the current year. The current rate for FICA Social Security is 6.2% payable on earnings up to $128,400 maximum per year and the rate for FICA Medicare 1.45%. The employer's total FICA payroll tax for this employee is:
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a)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
$1,400.00
6.20%
$86.80
FICA—Medicare
1,400.00
1.45%
20.30
FUTA
900.00
3.10%
27.90
SUTA
900.00
2.90%
26.10
b)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
$3,700.00
6.20%
$229.40
FICA—Medicare
3,700.00
1.45%
53.65
FUTA
3.10%
SUTA
2.90%
c)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
6.20%
FICA—Medicare
9,600
1.45%
139.20
FUTA
3.10%
SUTA
2.90%
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Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid...
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through...
a)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
$1,400.00
6.20%
$86.80
FICA—Medicare
1,400.00
1.45%
20.30
FUTA
900.00
3.10%
27.90
SUTA
900.00
2.90%
26.10
b)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
$3,700.00
6.20%
$229.40
FICA—Medicare
3,700.00
1.45%
53.65
FUTA
3.10%
SUTA
2.90%
c)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
6.20%
FICA—Medicare
9,600
1.45%
139.20
FUTA
3.10%
SUTA
2.90%
CH Required information The following information...
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FUTA & SUTA. And also the general journal.
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee. Gross Pay through August 31 $ 5,600 2,550 123,200 Gross Pay for...
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ment Chapter 116 Help Seve & Exit Check Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128.400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees...
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